Legal Question in Bankruptcy in Georgia

Re: Single filing with joint assets

No one can answer that without all your numbers. The worksheet we have at www.glenashman.com would be a good starting point for a lawyer to advise you.

Re: Single filing with joint assets

The answer depends on many more facts than you provided. How much is the property worth? How much debt is already secured by the property? If there is no real equity in the property, it may not be worth it for a trustee or creditor to pursue. However, even in a Chapter 13 case, which normally does not require giving up property, the Cout is unlikely to allow you to shield valuable commercial property that may pay a significant portion of your debt. If you filed a Chapter 7, the trustee would definitely look at any equity in the property. Your best bet may be to file a Chapter 13 that proposes to pay most or all of your debt over the course of 5 years. Alternatively, in some cases a Chapter 11 may be appropriate, depending again on several factors. There are many more questions, ranging from the details of your business, your income, etc. Do not be tempted to transfer ownership of property to avoid debts or save it from bankruptcy. Trustees and creditors easily see through these actions, and it only causes many more problems (including a denial of a discharge of your debts). See a qualified lawyer as soon as you can to discuss how to proceed, even if bankruptcy is not the best option. With a business and personal finances at stake, you don't need to take chances.